The JP UP date: Carrolton Bank Gifts $10k

Katie ArnoldThe JP UP date

Number 36                                October 4, 2019                                            St. Louis

Carrollton Bank Donates $10K to Assist Launch of Appraisal Gap Mortgage Product

Carrollton Bank recently gifted $10k to Justine PETERSEN to assist in the launch and administration of the forthcoming home mortgage product that seeks to address the appraisal gap throughout the City of St. Louis.  Under the Gateway Neighborhood Fund (GNF), local banks will originate a first mortgage up to 97% of the appraised value and a second mortgage to cover the gap between the current appraised value and the total cost including necessary rehab.  Justine PETERSEN will facilitate the GNF purchase of the second mortgage loan from the bank. The program is modeled after a similar loan program launched in Detroit.  CDFI peer Community Reinvestment Fund (CRF) based in Minnesota developed much of the early design for the Detroit program.  Justine PETERSEN and local bank partners aim for a launch of the program locally in the coming months.

Justine PETERSEN Partners with AEO in Inaugural Cohort of Endeavor Ready

Justine PETERSEN is excited to participate in AEO’s Endeavor Ready cohort to bring business financing, education and credit building services to returning citizens.  JP staffer Shawna Collier attended the Endeavor Ready kick-off meeting in Washington, DC along with the two other pilot cohort participants. Georgia Micro Enterprise Network and the First 72+.  Endeavor Ready is a national pilot to incorporate access to capital and credit building services within a trauma-informed approach to support returning citizens as they formalize and expand their businesses.

Justine PETERSEN is excited to build on our extensive work helping returning citizens transition back to their communities as business owners actively using their businesses to uplift their families and larger communities.

Metro East Coalition Event in Collinsville Draws over 60 Organizations

The Metro East Coalition, a network of non profit organizations, financial institutions and governmental entities, hosted “Celebrating Collaboration & Building Community in the Metro East” last week in Collinsville.  The event offered networking opportunities as well as break-out sessions on fundraising, board development and bank/CDFI (community development financial institution) financing.  Over 80 individuals attended, representing over 60 organizations from across St. Clair and Madison Counties.  Many new faces and organizations attended, adding to the steady momentum of the coalition’s work over the past year.  Justine PETERSEN participated in the planning of this event, and JP small business owner Lillian Smith of Taste Sensations catered the event.

Gaylene and Galen:  Two Peas in a Pod

JP staffer Galen received a cameo visit by his elder sister, Gaylene (no, this is not a typo), this past week at the JP office.  Gaylene resides with her family in Madison, WI.  Thanks for stopping by big sis!